Category Archives: TechPrecision Corp. TPCS

TechPrecision, a global manufacturer of large-scale, metal fabricated, and machined precision components, today said its subsidiary, Ranor, has shipped the first AOS-100A Isotope Transport Cask to a commercial customer of Alpha-Omega Services Inc., reflecting a long-standing collaboration.

The units were approved by the Nuclear Regulatory Commission (NRC), as Ranor has passed the NRC manufacturing process and quality audit for the cask production in March of 2012.

“This shipment marks a milestone for TechPrecision’s Ranor subsidiary, for Alpha-Omega Services, and for the nuclear industry,” James Molinaro, CEO of TechPrecision stated in the press release. “This isotope transport cask enables safe transport of isotopes, and represents the first new cask to be approved by the NRC in decades. Today, thousands of hospitals use isotopes for radiotherapy, and will need these types of casks to transport the isotopes in accordance with the current NRC requirements. This represents a significant growth opportunity both for our partner, Alpha-Omega Services, and for Ranor.”

TechPrecision, Ranor and Alpha-Omega have devoted considerable time and costs to complete the first cask, which paves the way for additional casks to be delivered in upcoming months.

“After seven years and $8 million, this is a monumental day for all of my employees and our current and future customers,” Troy Hedger, president, Alpha-Omega stated. “My sincere ‘thank you’ goes out to each one for their patience and continued belief in this product. AOS, TechPrecision and Ranor, over the past 13 months, have worked aggressively to complete the manufacturing of this first cask and in the process have uncovered ways to shorten the time from order to completion. When fully implemented this will be beneficial for the next five casks which are to be delivered over the next few months and is an important factor for those commercial U.S.-based orders we anticipate to be placed now that the cask is a real choice for those who will be required to replace their cask fleets.”

TechPrecision announced that it signed a five-year, $115 million agreement to exclusively produce complete product assemblies for Proton Beam cancer treatment equipment in the U.S. and Asia. This agreement covers production for units that will be used in the U.S. and Asia. TechPrecision is an industry leading manufacturer that provides engineering, precision large-scale machined, fabricated metal, and electrical components for complete tested systems with customers in the alternative energy, cleantech, medical, nuclear, defense, aerospace, and other commercial industries.

“This agreement will benefit both our Ranor and WCMC divisions, as we will produce units to meet the market demand in the United States and Asia,” stated James Molinaro, CEO of TechPrecision. “As this agreement goes forward, cancer patients are the big winners as it signals a new, more cost-effective and less-invasive procedure that is now an available option to the medical community. An additional benefit of this agreement is the further diversification of TechPrecision’s revenue. Clearly, we are no longer reliant on the alternative energy sector, and medical shipments will become an increasingly important contributor to our top- and bottom-line results as this agreement transitions to purchase orders.”

The Proton Beam technology was recently cleared by the FDA. TechPrecision expects to begin shipping initial assemblies during Q1 FY2014. Five assemblies have already successfully shipped under a prior agreement.

“This agreement reflects the culmination of years of work with our customer to develop, perfect, and certify an efficient manufacturing process to produce a revolutionary system that provides a significant reduction in the size, cost and complexity of operating a proton therapy center,” stated Mr. Molinaro. “This collaboration continues to be strategically beneficial to both organizations and now that the system has FDA clearance, pent-up demand indicates strong potential for this technology.”

TechPrecision is an industry leading manufacturer of products that are used in a variety of markets including: alternative energy (Solar and Wind), cleantech, medical, nuclear, defense, industrial, and aerospace. TechPrecision’s goal is to be an end-to-end global service provider by furnishing customized and integrated “turn-key” solutions for completed products requiring custom fabrication and machining, assembly, inspection, and testing. TechPrecision Corporation, through its wholly owned subsidiaries Ranor and Wuxi Critical Mechanical Components (WCMC), globally manufactures large-scale, metal fabricated and machined precision components and equipment.

Headquartered in Westminster, Massachusetts, TechPrecision Corporation, through its wholly-owned subsidiary Ranor, Inc., manufactures metal fabricated and machined precision components and equipment. Their corporate mission is to excel in precision manufacturing that provides their clientele high quality and complete program management and integration services.

TechPrecision is an end-to-end solutions provider. They have the ability to engineer the required tooling and the entire manufacturing process for each respective production program, and fabricate, machine, assemble, test, and deliver large scale projects with tight tolerance levels. The company earns much of its revenues from the alternative energy industry. They also manufacture products for the aerospace/defense, medical, nuclear, and various other commercial industries.

Ranor, Inc. is one of the few facilities in the U.S. with certifications and authorizations issued by the American Society of Mechanical Engineers (ASME), which allow the design and construction of commercial nuclear equipment as well as nuclear storage and transportation equipment. By paying special attention to detail and maintaining a staff of professionals committed to quality and excellence, the company has earned an excellent reputation.

TechPrecision Corp. (TPCS.OB), through its wholly-owned subsidiary Ranor Inc., manufactures metal fabricated and machined precision components and equipment. The company’s products are used in a variety of markets, including alternative energy, nuclear, medical, industrial, defense and aerospace.

TechPrecision provides critical components to several key industries such as medical and alternative energy. The company is currently working with a customer to help develop a Proton Beam Therapy machine. Proton Beam Therapy is an alternative method of delivering radiation treatments to cancer patients with minimal collateral damage to surrounding healthy tissue and organs.

TechPrecision provides critical proprietary components for the solar industry, and has a track record of providing key components to the nuclear industry as well. The company supplies commercial nuclear work by producing parts used in power plants, or products that are used to store and/or transport nuclear material. The company is one of the very few companies certified by the American Society of Mechanical Engineers (ASME) to do such work.

Both the solar and nuclear industries are expected to experience rapid growth due to continued strong demand for energy coupled with concerns about carbon emissions and dependence on foreign oil. These macro-economic trends are currently in TechPrecision’s favor and are showing up in the company’s earnings report. For the 4th fiscal quarter of 2008, sales for the company increased by 64.5% to $9.3 million and profit rose 185.6% to $2.6 million.

The increase in sales and profit reflects TechPrecision’s business re-focus towards longer-term, high volume projects with more predictable cost structures in the alternative energy, nuclear, and medical industries. As one of the few full-service fabrication and machining companies that can supply large high-precision key components and complete program integration, TechPrecision believes that it is well positioned to benefit from strong demand from the various industrial sectors the company serves.